Recent Accounting Pronouncements

In
May 2014, the Financial Accounting Standards Board (FASB) issued authoritative guidance that provides companies
with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition
guidance, including industry-specific revenue guidance. The new guidance requires a company to recognize revenue to depict the
transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for
those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and
cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from
costs incurred to obtain or fulfill a contract. The guidance permits companies to either apply the requirements retrospectively
to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The amended
guidance also requires additional quantitative and qualitative disclosures. In March 2016, amended guidance was issued to clarify
implementation guidance on principal versus agent consideration. In April 2016, an amendment provided clarifications on determining
whether a promised license provides a customer with a right to use or a right to access an entitys intellectual property.
In May 2016, an amendment provided narrow scope improvements and practical expedients to reduce the potential diversity, cost
and complexity of applying new revenue standard. These amendments, as well as the original guidance, are all effective for annual
and interim periods beginning after December 15, 2017. The new standard will be effective for the Company beginning January 1,
2018 and the Company intends to implement the standard with the modified retrospective approach, which recognizes the cumulative
effect of application recognized on that date. The Company is in the process of evaluating the impact of adoption of this guidance
on its financial statements.

In
November 2015, the FASB issued authoritative guidance which changes how deferred taxes are classified on a company's balance sheet.
The new guidance eliminates the current requirement for companies to present deferred tax liabilities and assets as current and
noncurrent in a classified balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities
as noncurrent. The new guidance is effective for annual reporting periods beginning after December 15, 2016. Early adoption is
permitted for all entities as of the beginning of an interim or annual reporting period. The guidance may be applied either prospectively,
for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied
prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively,
entities are also required to include quantitative information about the effects of the change on prior periods. Except for balance
sheet classification requirements related to deferred tax assets and liabilities, the Company does not expect this guidance to
have an effect on its financial statements. The Company is in the process of evaluating the impact of adoption of this guidance
on its financial statements.

In
March 2016, the FASB issued Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment
Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions,
including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement
of cash flows. And the ability to elect to recognize forfeitures as they occur rather than estimating then at the time of grant. This
ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is
permitted. The Company is currently assessing the potential impact of adopting ASU 2016-09 on its financial statements and related
disclosures.

In
February 2016, the FASB issued authoritative guidance which changes financial reporting as it relates to leasing transactions.
Under the new guidance, lessees will be required to recognize a lease liability, measured on a discounted basis; and a right-of-use
asset, for the lease term. The new guidance is effective for annual and interim periods beginning after December 15, 2018. Early
application is permitted for all entities upon issuance. Lessees and lessors must apply a modified retrospective transition approach
for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements.
The Company is in the process of evaluating the impact of adoption of this guidance on its financial statements.

In
August 2016, the FASB issued authoritative guidance designed to address diversity in how certain cash receipts and cash payments
are presented and classified in the statement of cash flows, including: i) contingent consideration payments made after a business
combination; ii) proceeds from the settlement of insurance claims; and iii) proceeds from the settlement of corporate-owned life
insurance policies. The new guidance is effective for the Company for fiscal years beginning after December 15, 2017, and interim
periods within those fiscal years. Early adoption is permitted in any interim or annual period. The Company believes the adoption
of this guidance will not have a material impact on its financial statements.

In
January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business,
which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as
acquisitions (or disposals) of assets or businesses. The standard will be effective for the Company in the first quarter of 2019.
Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial
statements.

In
January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
Impairment. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from
the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting units
goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2021. Early adoption
is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

No other recent accounting pronouncements
were issued by FASB and the SEC that are believed by management to have a material impact on the Company's present or future financial
statements.